The digital transformation industry is growing rapidly as more and more businesses worldwide begin to realize the importance of a digital-first philosophy.
It encourages customers to interact through software instead of by phone.
By doing so, companies can reduce overhead costs and deliver faster, more personalized services (and presumably increased revenue).
As curated by Finance online:
- The global digital transformation market is projected to grow from $469.8 billion in 2020 to $1,009.8 billion by 2025. (Research & Markets, 2020).
- Industrial enterprises are seen to have benefited the most from digital transformations (PTC, 2019).
- 65% of the world’s GDP is predicted to be digitized by 2022 (IMF, 2020).
- 70% of organizations have a digital transformation strategy or are working on one (PTC, 2019).
- 55% of startups have already adopted a digital business strategy (IDC, 2018).
- 38% of traditional businesses have adopted a digital business strategy (IDC, 2018).
- 89% of enterprises are planning to adopt or have already adopted a digital business strategy (IDC, 2018).
- Top digital business strategy adopters include services (95%), financial services (93%), and healthcare (92%) (IDC, 2018).
Which are the industries leading the digital transformation mad rush?
1. Manufacturing
Trending: Smart factories, Internet of Things (IoT), big data, robotics etc.
2. Transportation
Trending: Big data, AI, Computer vision, 3D scanning, robotics etc
3. Hospitality/Tourism
Trending: Mobile platforms, AI, IoT devices, virtual reality (VR), blockchain etc
4. Health Care
Trending: AI assistant, security, blockchain, big data, cloud, wearable devices, health apps, telehealth
5. Financial Services
Trending: Mobile-based payments, AI, big data, cybersecurity, blockchain, IoT etc
6. Education
Trending: Big data, Mobile Bluetooth, Augmented Reality (AR), Virtual Reality (VR), AI etc
7. Energy
Trending: Automated machinery, Big Data, Mobile Apps, etc
8. Media
Trending: Big data, ML, AI, Robotics, Mobile apps etc
9. Retail
Trending: AI, ML, Security, Big data, Smart shelving, Drones, etc
In all, digital transformation has become a buzz and many feel it is ambiguous to understand.
However, digital transformation is simply the process businesses undergo in order for them to utilize digital technologies.
This also includes combining cloud, mobility and analytics technology, all of which can help organizations “keep up” with the digital tech trend.
